CAD/JPY may fall 53 - 79 pips

Our pivot point stands at 115.42.

Our preference

The downside prevails as long as 115.42 is resistance.

Alternative scenario

The upside breakout of 115.42, would call for 115.86 and 116.12.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 115.13 and 115.11).

Supports and resistances

116.12 **

115.86 *

115.42 **

115.24

115.02 last

114.49

114.23 **

113.96 *

113.70 **

Number of asterisks represents the strength of support and resistance levels.